Ethereum (ETH) Price Watch: Next Downside Targets

 

Ethereum Price Key Highlights

  • Ethereum broke below its latest consolidation pattern, indicating that losses are in the cards.
  • Price is still trading inside a descending channel on the daily chart and looks ready for a test of support.
  • But first, the mid-channel area of interest could attract some buyers since it’s close to the long-term lows at $150.

Ethereum price could be in for more declines as it bounced off the descending channel resistance and is making its way back down.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is likely to gain traction. In that case, ethereum could head for the bottom of the channel around $50 or at least until the lows at the $150 area of interest.

Stochastic is heading south so ethereum price could follow suit while sellers have the upper hand. This oscillator has plenty of room before reaching oversold conditions or indicating exhaustion among sellers, so bearish pressure could stay in play for longer. RSI also has some room to head lower but looks ready to turn back up, possibly signaling a pickup in bullish pressure enough for another test of the channel top.

Risk sentiment hasn’t been in favor of cryptocurrency gains in the past few days and it doesn’t help that regulatory developments are spelling grim odds for further progress either. There have also been jitters ahead of Nouriel Roubini’s testimony in Congress this week as he is known for taking a critical stance against cryptocurrencies and repeatedly calling bubbles.

With that, his remarks could continue to keep a lid on ethereum and its peers, unless there are any major positive developments before the week comes to a close.

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Neu-Ner: Bitcoin Not At Bottom (But Still a Great Long-Term Buy)

Bitcoin is going down, and one prominent cryptocurrency analyst believes it’s still got a ways to go. Nevertheless, the upside potential — in the grand scheme of things — is still massive.


‘We May See a Very Different Game in Mining’

Ran Neu-Ner, founder and CEO of Onchain Capital and host of CNBC Africa’s “Crypto Trader,” believes Bitcoin has not found its bottom.

Neu-Ner told CNBC’s “Fast Money” earlier this week:

We keep going down, and we’re testing new lows. Sixty-two-fifty is the next point- If it goes under that, we’re going to test 5,900.

According to Neu-Ner, $5,000 is the key level that everyone should be keeping a close eye on — and that could prove to be a turning point for those mining the first and foremost cryptocurrency:

That’s where the miners look at this and go, ‘Is it actually worth keeping the machine on?’ At about $5,000, if we don’t get a turn up, then we may see a very different game in mining.

‘One Day This Thing is Going to Have $20 Trillion’

The cryptocurrency host also noted that the cryptocurrency market is still immature and new, so price drops and extreme volatility simply comes with the territory. He told “Fast Money:”

We’re the internet before you had a real browser. And people are talking about a few exchange hacks. Those are to be expected from an industry that’s got a market capitalization of $300 billion; when we expect that one day this thing is going to have $20 trillion [in market cap].

While day traders might do well to stay away from this prolonged bear market, Neu-Ner believes that anyone who actually believes in Bitcoin and/or blockchain technology should consider buying the market leader at these prices. He explained:

If you believe in the long-term of blockchain […] It could go to 20, 30, 40, [or] 50,000. Then no one cares whether you bought it at 5 or 6.

Bitcoin (BTC) is currently trading at $6,600.76, down 3.93 percent over the last 24 hours. The market leader is down 13.37 percent over the last week.

Do you agree with Neu-Ner that Bitcoin is a good buy in the long-term? Where do you think the bottom is? Let us know in the comments below! 


Images courtesy of Shutterstock, CoinMarketCap.com.

The post Neu-Ner: Bitcoin Not At Bottom (But Still a Great Long-Term Buy) appeared first on Bitcoinist.com.

Ripple Price Analysis: Can XRP/USD Break $0.50?

Key Highlights

  • Ripple price failed to recover and extended its decline towards the $0.50 level against the US dollar.
  • There is a major bearish trend line forming with resistance near $0.5300 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair must break the $0.53 resistance and move higher to avoid more losses in the near term.

Ripple price was not able to recover yesterday against the US Dollar and Bitcoin. XRP/USD crashed and almost tested the $0.50 support zone.

Ripple Price Upside Hurdle

There was no major upside move above the $0.5600 level in Ripple price against the US Dollar. The price failed to recover and faced sellers around $0.5600. As a result, there was a downside move and the price traded below the $0.5500 and $0.5200 support levels. It almost traded close to the $0.5000 level and formed a low around the $0.5035 level.

A low was formed and the price started an upside correction above the $0.5100 level. It tested the 23.6% Fib retracement level of the last drop from the $0.5990 swing high to $0.5035 low. However, the current upside move is protected by the $0.5300 resistance. There is also a major bearish trend line forming with resistance near $0.5300 on the hourly chart of the XRP/USD pair. The pair may rise in the near term above $0.5300, but it could face other hurdles. The 50% Fib retracement level of the last drop from the $0.5990 swing high to $0.5035 low is sitting around the $0.5500 level to act as a hurdle for buyers.

Looking at the chart, the price may struggle to move above the $0.5500 level, which could result in a downside push. In the mentioned scenario, there is a risk of a bearish break below the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.

Major Support Level – $0.5000

Major Resistance Level – $0.5500

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